We're off again, as indices hit highs
The stockmarket resumed its run upwards yesterday, with stronger banking and mining stocks helping the bourse to another record high.
The CMC markets dealer Matthew Lewis said the Australian market had followed the lead of stronger markets in the US.
He said a fall in orders for durable goods in the US had sparked expectations that the US Federal Reserve might again cut interest rates, which boosted banking and financial stocks.
Rumours that the US billionaire Warren Buffett might take an interest in the US securities firm Bear Stearns also propped up the financial sector.
However, Mr Lewis said that the Australian market could still be volatile and would be awaiting the release of more economic data in the US last night and inflation data in Australia today.
The ASX 200 index closed 56.7 points higher at 6538.1, surpassing the previous closing record of 6483.0 set on Monday.
The All Ordinaries index had jumped 56.6 to 6548.0, beating the previous closing record of 6491.4 set on Wednesday.
On the Sydney Futures Exchange, at 1615 AEST, the December share price index closed up 31 points at 6578, on a volume of 22,514 contracts.
Among the big banks, the National Australia Bank was up 78c at $39.79, Westpac put on 39c to $28.19, and ANZ lifted 49c to $29.41.
The Commonwealth Bank rose 38c to $56.82 and said it would open its doors to customers on Sundays at selected branches from October 14 in Victoria, South Australia and Queensland.
In the resources sector, the global miner BHP Billiton picked up 36c to $43.52 as it eyed duplicating its railway in the Pilbara as part of a $23 billion expansion plan. Rio Tinto improved $1.45 to $107.45.
The Rio subsidiary Energy Resources of Australia surged $1.13 to $18.45 as it extended mining at its Ranger uranium mine in the Northern Territory until 2012 and increased the production outlook.
Woodside Petroleum ascended 23c to $48.92, having decided to sell its troubled Mauritania assets to the Malaysian Government's Petroliam Nasional Berhad.
Santos was 25c better off at $15 but Oil Search fell 8c to $4.32. Beach was up 2.5c to $1.46, having successfully syndicated a $300 million debt facility with some big banks led by the Commonwealth.
On Wall Street overnight, the Dow Jones industrial average had lifted 99.50 points to 13,878.15.
In the media sector, the broadcaster Seven firmed 13c to $13.25 as it moved closer to a multi-channel broadband-powered future with its takeover bid for the wireless broadband provider Unwired. Unwired was up 1c to 48.5c.
News Corp was 23c richer at $26.75 and its non-voting stock was up 38c to $25.19. PBL was up 11c at $19.28 and Fairfax was 6c heavier at $4.62.
Telstra was steady at $4.35, Singapore Telecommunications rose 10c to $3.07 and Telecom NZ was up 5c at $3.82.
The retailer Coles Group improved 26c to $15.40, and its supermarket rival Woolworths eased 3c to $29.61. Wesfarmers was up $1.01 to $41.55.
Among gold stocks, Newmont backtracked 36c to $5.14, Newcrest rose 19c to $28.60, and Lihir fell 6c to $3.87. AngloGold was steady at $10.60.
The investor Washington H Soul Pattinson gained 22c to $9.30 on a modest rise in annual earnings. Sister company Brickworks sagged 10c to $13.70.

0 Comments:
Post a Comment
<< Home